This week is mental health awareness week which is why I thought I’d talk about it in relation to money. Protecting your mental health is so important, especially when it comes to money. For a lot of people money can cause anxiety, depression and arguments within relationships.
We work hard for our money but sometimes we measure our self-worth and achievements against monetary values. I can hold my hands up and say I’ve seen people on Instagram and compared their perceived financial position with my own. And it seems I’m not alone. This can be pretty dangerous, particularly for your mental health.
Social media can make matters worse, especially during lockdown where more of us are on our phones. And more of us are taking photos in our homes and natural surroundings. Especially people’s beautiful homes, at home gyms or home offices. It can be easy to fall into a trap and be jealous of someone’s seemingly perfect life.
Protecting your mental health financially
According to Forbes, 78% of consumer’s purchases are impacted by companies social media posts. While Invesp revealed that 41% of shoppers spend impulsively for an item after seeing it on social media. I know I’ve done it before where I’ve seen an item on someone’s Instagram or blog and bought it within minutes without even thinking about it. This behaviour is so common which is why budgeting and assuring you have the money to spend is so important.
A survey from Credit Karma found that nearly 40% of millenials overspend just to keep up with their friends and avoid fomo. So when you’re scrolling through Instagram remember that. These people in the photos may have put themselves in debt to afford that Instagramable kitchen, or that new handbag. Remembering this is so important in protecting your mental health as it’s important to remember you’re only seeing images on face value. Deep down we all know that not everything we see on social media is ‘real’. And a lot of people will only show the best bits.
What you can do to protect your financial mental health
Unfollow any accounts on social media which make you feel bad about your own financial position. Protecting your mental health is so important if you think an account is damaging it then unfollow. You want to be filling your social media with positive messages, and not accounts which will leave you feeling negative.
It’s always worth reducing screen time in general, especially time on social media if you’re feeling down. The more time you have to spend on the here and now and your own journey the better you’ll feel. Once we’ve moved I want to get into the habit of spending a day a week off social media for at least most of the day.
Remember that your own self-worth isn’t connected to how much money you have. Someone could have all the money in the world but be a horrible person. When it comes to money, be kind to yourself and focus on your own journey. Everyone is at different stages in their financial life, and we all have different goals. I started saving very young as I was focused and bought a shared ownership flat when I was 22. That doesn’t make me any better than someone who didn’t get on the property ladder until they were in their 30’s. It just means my financial goals were different to yours.
